Outlook 07/06: U.S. stock futures traded sharply higher early Monday, building on a strong end to last week following an unexpectedly strong jobs report. The big advance comes despite daily record spikes in coronavirus cases. Lots of dry powder to support equity prices. The amount of money creation so far in the pandemic crisis is similar to what we saw during the financial crisis of 2008/2009, but has occurred much more quickly, in only a few months, as policy makers responded more aggressively to the impact of the pandemic.
/ESU20 Value: YVAH 3144 YPOC 3136 YVAL 3122 GAP 3115.50
/ES Plan: Last session market closed bullish (PBT 3177), and Sunday reopening continues on that way, moving within low volume area on a value transition process, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3160 with bullish internals, buy towards ONH 3172.75 PBT-HVE 3177 and HVEs 3189-3207.
B) If market moves below LIS HVE 3160 with bearish internals, sell towards HVE 3138 ONL 3121.25 HVE 3116 and GAP 3102.50
Note: Overnight inventory is 100% bullish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day.
Market Movers
09:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
12:30 PM TD Ameritrade IMX
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